With its team spread across the globe, Goracle is a Zug-based born global blockchain company. The startup has completed a $1.5 million seed round led by Borderless Capital. The funds will help accelerate the development and launch of Algorand’s native decentralized oracle network.
Goracle’s seed round received further major contributions from the Algorand Foundation, Valhalla Capital, and Big Brain Holdings. The round was rounded out by strategic investors Xpand Capital, Parea Capital, OrcaDAO, GMI Capital, and EXA Finance to support the company's further development and product launch.
“We are excited to back Goracle and their vision of bringing data on-chain in a decentralized fashion. This will help developers to build more powerful and sophisticated applications and smart contracts, enabling innovative and disruptive new use cases on top of the Algorand blockchain” said David Garcia, CEO and Managing Partner of Borderless.
Goracle, formerly known as Algoracle, is a decentralized oracle network that links the Algorand blockchain to the physical world. Founded in 2019 by Silvio Micali, winner of the Turing Award (in computer science), the Gödel Prize (in theoretical computer science), and the RSA prize (in cryptography), Algorand is a PPoS (Pure Proof of Stake) blockchain that accelerates the convergence between decentralized and traditional finance by enabling the simple creation of next-generation financial products, protocols, and exchange of value. The platform employs a network of feed providers and node runners to deliver feeds to smart contracts to ensure decentralization.
Currently, institutional-grade providers such as AmberData, Brave New Coin, CryptoCompare, and dxFeed are providing Cryptocurrency price data to power the testnet app. Over the coming months, Goracle will add a variety of feeds such as Sports, Weather, NFT prices as well as off-chain computation capabilities before launching to mainnet.
The Algorand Foundation says, “Goracle is Algorand’s premier oracle, built natively on Algorand for and by Algorand developers. We’re excited for what’s to come!”
Abdul Osman, Goracle's CEO is a veteran in bringing technological products from ideation, to delivery, to scale. He leads a team of seven people consisting of software and Blockchain developers and mathematicians that have been running in-depth simulations on what a decentralized economy would look like.
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